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in iran say the claims are baseless. >> translator: they're using propaganda to scare people and harm our relations with north korea and other countries. >> the spokesperson acknowledged the two countries cooperated militarily in the 1980s during the iran/iraq war but he says that cooperation since then has been limited to economic areas. the second in command and mahmoud ahmadinejad agreed in september to cooperate in the field of science and technology. >>> china's new communist party leader has gone on his first tour since assuming the post last month. he's promising to carry on with the reforms of his predecessors. state-run china central television reported on xi's five-day trip. he laid flowers last saturday at the statue of the late leader. he said he'll push forward with reforms and with opening up china. xi appears to be following in dong's footsteps. the former leader visited the province 20 years ago and preached about accelerated reforms and more openness. >>> bankers are going through some troubled times these days. dirty money, bank rates manipulated, insider trading. ai joi
♪ >>> more yen selling. the u.s. dollar is rising further against the japanese currency on the foreign exchange market. the dollar has risen to the 85-yen level for the first time in 20 months. investors are selling yen on the tokyo foreign exchange on speculation policy makers at the bank of japan will agree to an inflation target proposed by the incoming administration. the new prime minister shinzo abe will take up office later in the day. analysts say the b.o.j. will likely further boost its monetary easing measures. the dollar is currently trading at 85.26-31 yen. ai uchida joins us now from the business desk for more on that. so ai, investors have been trading the dollar-yen quite dramatically over the last several weeks. >> that's right, catherine. just a month and a half ago that pair was trading in the mid 79-yen range. almost six whole yen weaker in just six weeks. a dramatic move indeed. so going forward, what can we expect? well, we spoke to disaburo nezo for his outlook. he is a senior executive fellow at fujitsu research institute. >> the yen's future is no
to have a slowdown in economic growth of at least a 4%. that puts us back into recession, meaning 2 million people lose their jobs, unemployment goes to 9%. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the last second where they agreed. while they are bluffing, we could go over the cliff. >> where are we headed, mark? >> one side says that raising tax rates is an example, the other side says we will not balance the budget on the backs of students and seniors without asking those who make as much as i do not to pay another diamond. we are in the chest thumping a stage of this negotiation. we are interested in the product rather than the process. the process does the fact of the p
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